Pawnshops are often a “lifeline” for households in crisis needing money urgently. It is also considered normal practice in the Philippines, and they will quickly take back the collateral when the debt is paid.
SMJ Pawnshop is one of the companies dealing in services for such emergencies. The following article will help you understand more about it and answer some related questions. Do not miss out on this useful information!
Table of Contents
What Is SMJ Pawnshop?
SMJ Pawnshop is a legal loan company registered in the Philippines, headquartered at Cupang. Founded three decades ago, the company has a large network of operations with offices in many different cities and is always in the top 10 Pawnshop companies in UPFinance’s ranking.
This company offers loans as collateral, and when customers repay, they will re-owned their property. The mortgaged items are often diamond, platinum, gold, phones, jewelry, watches, and laptops. The profit can be up to 7% per month, within a week, and up to 4 months.
What Are SMJ Pawnshop’s Products?
Fast Cash Loan
Fast Cash Loan is for customers who need emergency loans, with the money will be transferred immediately to your account for 2 hours. You can do it directly at the store or apply online. The request is simple, with a bank account and valid ID evidence.
Its amount has a minimum of ₱1000 and can be up to a maximum ₱50,000. The interest rate is considered when the money is authorized, with an interest rate of 0.1 – 0.23% per day. The accompanying terms include: the debt repayment period is from 7 to 90 days, and if the debt is not paid in 4 months, the company will auction your collateral.
You can refer to the summary table below and the promotion for the new customers:
| Requirement | Official bank account and ID evidence |
| Ranged Loan Amount (₱) | 1000 – 50,000 |
| Interest Rate | Up to 11.9% per month |
| Interest Rate (for each new client) | From 0% up to ₱10,000 |
| Terms |
|
Pawning
Pawning is an essential service of this company and is done in-store. The customer brings the item to be held and waits for the lender to determine its value. The lender then sets the terms and conditions to be fulfilled by the customer and offers a loan equal to the item’s value. The company allows jewelry (platinum, gold, and diamonds), watches, phones, and laptops.
The monthly interest rate can be up to 7%, and the maximum repayment period is 4 months. In addition, the service fee will be 1% of the original value and not exceed ₱5. You can check the information in the table below:
| Valid Items | Jewelry (platinum, gold, and diamonds), watches, phones, and laptops |
| Interest Rate | From 3 – 7% per month |
| Duration | Up to 4 months |
| Service Fee | 1% of the original amount (up to ₱5) |
See also: BHF Pawnshop Detailed Information
How Do You Get A Loan From SMJ Pawnshop?
SMJ Pawnshop has two types of loans: pawning and fast cash loans. The requirements have been simplified to help customers receive money quickly and conveniently while ensuring safety and legality.
For the fast cash loan, customers must ensure they are over 18 years old and have a bank account and valid ID proof. This form can be done online through an application to the company representative. After that, the staff will call to confirm some necessary information, provide the nearest branch information for customers to sign, and ensure the fastest money transfer to your account within 2 hours.
As for pawning, the first requirement is that the customer must bring the item to the store to verify the actual value. After letting the guest know the terms and conditions of the company, the staff will give the equivalent amount of the collateral.
The operating hours of each company branch usually start from 9 am – 5 pm on weekdays. You can call the department before coming through the phone numbers provided below:
| Branches | Phone Number |
| Cupang (Headquarters) | +63 2 659 7019 |
| Bacoor | (046) 809 0326 |
| Salawag Dasma | (046) 506 1170 |
| Kadiwa Dasmarinas | (046) 973 2779 |
What Are The SMJ Pawnshop’s Pros And Cons?
Any product or service has certain advantages and disadvantages, especially compared to competitors with the same market share. Here is one of the advantages and disadvantages of SMJ Pawnshop for your reference:
Pros
- Provides financial solutions to customers who cannot obtain bank loans owing to low credit histories.
- Merely demands evidence of identification and collateral before providing consumers with a loan.
- Has a speedy approval procedure, which makes it excellent for urgent situations such as illness or tuition.
Cons
- Just accept jewelry, watches, and technological gadgets as collateral; unless the borrower has them, they will not be able to access its services.
- Auctions the pawns unless the borrower pays back the loan within the agreed-upon time and they do not receive any of the earnings.
- Has higher lending rates than the banks’
FAQs
How Is The Jewelry Loan Different From The SMJ Pawn Loan?
The difference between these two loans is the time and the requirement to certify the solvency.
At SMJ, loans are created and repaid with short-term collateral and do not require the customer to prove their ability to pay. Meanwhile, jewelry loans normally have a term of up to 5 years and need a sure guarantee of the pawnbroker’s ability to pay.
Has The SMJ Pawnshop Owned The Collateral For The Loan Period?
Absolutely, yes. When you repay your lending on time, this company keeps your mortgage and then auctions it off. Of course, you may not get any money from this.
Conclusion
SMJ Pawnshop is a good alternative for unsecured loans and financing at low-interest rates for your urgent needs. With two services of pawning and fast cash loans here, customers can shorten the waiting time with many documents to prove their ability to pay, instead of a valid collateral or an account and ID proof.
Want to get cash fast and easy?
